Billionaire developer Stephen Ross’ former penthouse in Lincoln Sq. simply traded for $50.7 million.
The newest deal for the apartment at 25 Columbus Circle was considerably greater than its final buy value in 2023, when Ross, the chairperson of Associated Firms, bought it for $40 million, in keeping with public information. The newest sale works out to roughly $6,200 per sq. foot, up from $4,800 per sq. foot.
The house, Unit PH80, bought in an off-market deal to a purchaser whose identification is shielded by an nameless LLC registered in Delaware. The vendor can be an nameless shell firm.
The total-floor penthouse spans greater than 8,200 sq. ft and has 5 bedrooms and 6 loos, in keeping with a earlier Streeteasy itemizing for the property. It additionally options floor-to-ceiling home windows overlooking Central Park, twin fireplaces and a proper eating room.
Facilities on the constructing, developed by Associated, embody a landscaped terrace, health middle, pool and parking storage. The constructing, previously referred to as Time Warner Middle and now the Deutsche Middle, additionally homes the Mandarin Oriental Resort.
Elizabeth Pattern and Brenda Powers of Sotheby’s Worldwide, who represented each the customer and the vendor within the deal, declined to remark.
Ross, who launched his personal South Florida-focused improvement agency, Associated Ross, in 2024, sought $75 million for the pad when he first listed in 2019, although he in the end bought it for roughly half off.
Ross has been offloading a number of of his New York Metropolis properties, together with an house at Associated’s 70 Sacristy Road in Tribeca, which he traded for $9 million final 12 months. In November, he additionally bought his apartment at Superior Ink within the West Village for just below $7 million. He has up to now held on to his penthouse at 35 Hudson Yards, one other Associated challenge.
Amongst Associated Ross’ tasks in South Florida is a improvement dubbed South Flagler Home in West Palm Seaside, the place former Apple CEO John Sculley and his spouse simply bought a apartment for $40 million. The 2-tower challenge, which continues to be beneath development, will embody 105 items with costs starting from just below $8 million to $73 million.
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